The Tax Cuts and Jobs Act (TCJA) brought a significant, albeit delayed, change to the tax treatment of research and experimentation (R&E) costs under Internal Revenue Code Section 174. After [...]
When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. [...]
The "kiddie tax" prevents parents from shifting income-producing assets to children to take advantage of their lower tax rate. It was introduced as part of the Tax Reform Act of [...]
As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity [...]
Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree [...]
Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was 7.6% in 2023, up from [...]
Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The [...]
Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply [...]
Some people approach buying a car almost the way they approach marriage, "until death do us part." Others prefer to keep their options open, trading in every few years for [...]
The IRS has announced a new audit initiative targeting the personal use of business aircraft. Some businesses took advantage of the Tax Cuts and Jobs Act's generous bonus depreciation provision [...]
Are you a teacher or other educator who often pays for classroom supplies out of your own pocket? Your main objective is to improve the learning experience of the kids, [...]
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive [...]
Will you be cruising the waters on your boat or camping out in your RV this year? Besides the pleasure you can enjoy through your personal property, you may also [...]
In recent years, many Americans have been the victims of natural disasters. If you're unfortunate enough to suffer a personal casualty loss, here are the federal income tax implications. Limited [...]
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report [...]